Is Tesla Really Making Progress?

When Tesla unveiled its new lower-priced, battery-powered Model 3 vehicle last week, it received almost unanimous, effusive praise. “The most important vehicle of the century,” raved Motor Trend, which nabbed a drive of the four-door sedan.

But economist and Bloomberg columnist Tyler Cowen mostly gave it a yawn: “The New Tesla Is Great,” reads his headline. “But It Isn't Progress.”